DXY has continued to rise in weekly uptrends. It is expected that the monthly correction process will be carried out where the weekly upward wave ends. However, there is a risk that the weekly uptrend does not end and continues to rebound in the weekly demand zone.
If the rebound fails in the weekly demand zone, the monthly correction will proceed as shown in the chart, coming down to the monthly demand zone. Even here, if the rebound is not big, a deep monthly correction will come out with a weekly downtrend. The signal that this monthly correction is ending will have to break the weekly downtrend first.
If the rebound fails in the weekly demand zone, the monthly correction will proceed as shown in the chart, coming down to the monthly demand zone. Even here, if the rebound is not big, a deep monthly correction will come out with a weekly downtrend. The signal that this monthly correction is ending will have to break the weekly downtrend first.
Trade closed: target reached
600 pips in profit!It is no longer valid because it has come down to the monthly demand zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.